Editor’s Note
This report details a significant alleged fraud case at a private finance company in Alwar, where gold jewelry was reportedly swapped, leading to a complaint against several employees. The investigation is ongoing.
A case of fraud amounting to Rs 98 lakh 6 thousand 240 has come to light at a gold loan branch of a private finance company in the Kotwali police station area of Alwar, involving the swapping of gold jewelry. The company’s senior manager, GL RCU Vipin Gaur, has filed a complaint with the police. The complaint accuses the branch’s senior relationship manager Devpratap Singh Chauhan, Abhishek Gupta, relationship manager Yogita Jangid, and senior relationship executive Surendra Kumar Goyal of criminal conspiracy, approving loans on fake jewelry, stealing real ornaments, and misleading the audit.
The report given to the police states that the company’s audit team, comprising Manoj Kumar Gurjar, Arvind Kaviya, and a senior auditor, inspected the branch from August 28 to September 5, 2025. During this period, the team found fake jewelry in place of real ornaments in several gold loan packets. During interrogation, the main accused, Devpratap Singh Chauhan, admitted that he had removed real gold from several packets already stored in the locker and replaced them with fake jewelry. CCTV footage from the branch also showed an employee taking packets from the locker, swapping the jewelry, and making new packets.
Accused Abhishek Gupta and Yogita Jangid stated that Devpratap Singh trapped them by offering inducements. They said that large amounts of money were transacted in the name of customers and acquaintances in Devpratap’s Kotak Mahindra Bank account and other accounts. The company’s senior manager, GL RCU Gaur, said that the accused returned partial amounts when given time by the company. In this, Abhishek Gupta returned Rs 35 lakh, Surendra Kumar Goyal returned Rs 20 lakh 88 thousand 362, Yogita Jangid returned Rs 4 lakh 96 thousand 999, and Devpratap Singh returned Rs 9 lakh 90 thousand. After this, about Rs 38 lakh is still outstanding, and when asked to deposit it, Devpratap Singh has threatened.
The report states that on the day the audit team was to arrive, Devpratap made an excuse of an accident and did not provide the locker key. That same night, he and his associates opened the office and kept swapping packets so that the fraud would not be detected in the audit investigation. This information is recorded in the company’s records.
Devpratap Singh, Abhishek Gupta, and Yogita Jangid admitted during interrogation that they colluded to get loans approved on fake gold in 19 loan accounts. This list has also been provided to the police. According to the complaint, the employees caused a total loss of Rs 98 lakh 6 thousand 240 to the company by getting loans approved in the names of their acquaintances.